In this episode of Divi Crypto Podcast Steve introduces a conversation with Nick, the CIO of Divi, as he interviews Derek Muhney, the director of marketing and national sales at Coinsource.
Coinsource is the largest network of Bitcoin and Crypto ATMs in the United States with different ATMs in 600 locations across 47 states, including New York. They are single-handedly the only legal operators in New York City with the legendary bit license.
Who is Derek?
Derek has a background in startups, tech, and relationship management, which made some of his specialties brand awareness and marketing. They made a decision not to continue the status quo of bitcoin agencies by involving third parties. This decision was one of their startup goals, which led to exponential growth.
How Many of their ATMs are Out There?
Derek stated that Coinsource has approximately six hundred ATMs that they have already procured in 47 states, although some are not online yet.
How Did They Grow Exponentially To This Point?
In simple terms, Derek said their primary key is staying compliance centric. They avoid third parties that will lead to price inflation. They reveal their rates and avoid unforeseen inflation, which increases their customer demand. Their integrity is their selling point.
How Has The Pandemic Affected Usage?
They have an online enrollment feature that allows you to create your account before going to the ATM. This creative venture has reduced the amount of time their customers spend at the ATMs to approximately 60 seconds.
Is Coinsource Specifically for Buying?
Although they have an increased rate of demand and the need to buy products, they also sell Bitcoin.
The Affiliate Program
They have several affiliate programs, even with regular bank ATMs. They also use a B2B business model. In the wake of the Pandemic and job losses, they face an influx of new prospects into the affiliate programs.
Do They Have Plans To Add Other Currencies?
Coinsource DOES have plans to include other currencies in the coming months to their network apart from Bitcoin.
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